Capital Management Group of Niagara, Inc.

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Covid-19 Mandatory Notice to all New York Life Insurance Policyholders: On March 29, 2020, the Governor of New York issued Executive Order 202.13. Also, on March 30, 2020 the New York State Department of Financial Services issued Emergency Insurance Regulation 216. Pursuant to this authority we are required to provide this notice to all New York policyholders. The following is required: All life insurers shall extend to ninety (90) days the applicable grace periods for paymen...t of premiums and fees for any life policyholder who demonstrates financial hardship as a result of the COVID-19 pandemic; and to provide a life policyholder with ninety (90) days to exercise rights or benefits under the applicable life insurance policy or annuity contract for any life policyholder who is unable timely to exercise rights or benefits as a result of the COVID-19 pandemic. With regard to a policyholder who does not make a timely payment and can demonstrate financial hardship as a result of the COVID-19 pandemic an insurer shall not (a) impose any late fees relating to such premium payment; or (b) report the policyholder to a credit reporting agency or refer the policyholder to a debt collection agency with respect to such premium payment. An insurer shall permit a policyholder who did not make a timely premium payment due to a financial hardship as a result of the COVID-19 pandemic, including a policyholder to whom the insurer issued a nonpayment cancellation notice prior to the effective date of the Executive Order, and who can still demonstrate financial hardship as a result of the COVID-19 pandemic to pay such premium over a 12 month period. Please call us with any questions!

CLIENT ALERT Updated March 30, 2020 The CARES Act is Enacted and Signed into Law...Continue reading

Along with your taxes being postponed until July 15, 2020, the IRS is allowing you to make IRA contributions up until that time. Soon, there will be a tremendous buying opportunity. Buy in at a discount and get a tax deduction by funding your IRA this year!

The new SECURE Act is changing the way we can pass money on to the beneficiaries of our IRAs; possibly causing them an undue tax burden. Let’s talk about strategies that will help you pass your hard earned money on to your beneficiaries in the most tax-efficient way possible! Send us a message, or give us a call!